Property purchase

This query is : Resolved

Aananth (Querist)
Follow

24 November 2016 Dear Expert
In a 3rd grade Municipal area of Tamilnadu, I am intending to buy a single storey house for a consideration of about 6 lac rupee. In the current situation, how much I can receive advance in cash from the vendor. The deed of sale agreement is to buy within 3 months from November 16. Any ceiling on receiving cash as advance or remaining money. What procedure I have to follow.
Regards

Message likes : 1 times

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

24 November 2016 No limit on receiving advance.

Aananth

Aananth (Querist)
Follow

24 November 2016 Dear Expert
What is the current income-tax guideline for property purchase cash transaction.
Regards

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

24 November 2016 So long as buyer and seller are comfortable, the cash transaction can be entered into.It is very much valid.
In order to reduce the risk of carrying cash, people normally do the transactions in demand draft / cheque/ rtgs etc.

Message likes : 1 times

Suresha R

Suresha R (Expert)
Follow

24 November 2016 Cash Payment > 20000 for immovable property can not be made w.e.f 01.06.2015

Best Regards,
Suresha R, B.Com, CCA
Suresh & Assoicates
(Auditors & Tax Consultants)
No.15/36, 1st Floor, Palm Grove Cross Road,
3rd Cross, Victoria Layout,
Bangalore - 560 047
Mob : +91 88843 55543
Mob : +91 81230 07771
Phone :+91 080 4112 0431

Message likes : 2 times

Aananth

Aananth (Querist)
Follow

25 November 2016 Thanks Expert
Regards

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

25 November 2016 you are most welcome.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Chaitanya Voolla

MEHUL M. KEVAT

K.S. ANANTHARAJAN

v.rama krishna

DEEPAK BHARGAVA

Subscribe Now

Property purchase

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

CA Final

Manager- Finance and Compliance

Accountant

GST CONSULTANT

GST CONSULTANCY

Article Assistant